Operating cash flow of $26.9M in 2026Q2 (4.01x net income) and FCF margin of 36.8% demonstrate strong cash conversion, yet $8.8M quarterly SBC warrants monitoring for dilution.
MNTN, Inc Class A (MNTN) cash flow statement — 6-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 |
|---|
| Cash from Operations | 72.91M | 56.47M | 42.55M | -3.05M | -56.95M | -1.1M | 6.15M |
| Operating CF Margin % | - | 19.47% | 18.86% | -1.73% | -42.44% | -1.1% | 11.8% |
| Operating CF Growth % | 317.13% | 32.72% | 1497.1% | 94.65% | -5096.08% | -117.82% | - |
| Net Income | 56.4M | -6.43M | -32.88M | -10.04M | -94.47M | -12.16M | 3.69M |
| Depreciation & Amortization | 11.69M | 9.87M | 8.35M | 0 | 16.84M | 3M | 3.68M |
| Stock-Based Compensation | 22.64M | 31.69M | 31.2M | 0 | 34.19M | 19.36M | 495K |
| Deferred Taxes | 1.5M | -9.52M | 0 | 0 | -522K | -8.35M | 0 |
| Other Non-Cash Items | -14.51M | 46.47M | 29.59M | -4.39M | -1.04M | 9.03M | -1.93M |
| Working Capital Changes | -4.8M | -15.62M | 6.29M | 11.38M | -11.95M | -11.96M | 210K |
| Change in Receivables | -440K | 2.02M | -18.89M | 0 | -10.45M | -20.59M | -693K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -27.52M | -4.02M | 13.62M | 3.38M | -5.66M | 18.1M | 0 |
| Cash from Investing | -8.31M | -17.11M | -9.95M | 37.79M | -4.07M | -1.36M | -3.11M |
| Capital Expenditures | -6.32M | -12.5M | -9.95M | 0 | -245K | -4K | 0 |
| CapEx % of Revenue | 2.02% | 4.31% | 4.41% | - | 0.18% | 0% | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 2.56M | 0 |
| Investments | - | - | - | - | - | - | - |
| Other Investing | -1.99M | -4.61M | 0 | -4.96M | -3.83M | -3.92M | -3.11M |
| Cash from Financing | -2.48M | 88.24M | -5M | -34.88M | 14.9M | 91.71M | 2.12M |
| Debt Issued (Net) | 0 | -24M | -5M | 2.73M | 13.81M | -9.6M | 2.1M |
| Equity Issued (Net) | 1.12M | 117.97M | -333K | -41.06M | -37K | 111.89M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | -10.03M | -333K | -41.06M | -37K | -1.6M | 0 |
| Other Financing | -3.6M | -5.73M | 328K | 3.45M | 1.12M | -10.58M | 14K |
| Net Change in Cash | 62.12M | 127.6M | 27.59M | -132.18K | -46.12M | 89.25M | 7.78M |
| Free Cash Flow | 70.03M | 43.97M | 32.6M | -3.05M | -61.02M | -5.02M | 6.15M |
| FCF Margin % | 22.35% | 15.16% | 14.45% | -1.73% | -45.47% | -5.06% | 11.8% |
| FCF Growth % | 52.83% | 34.88% | 1170.41% | 95.01% | -1115.32% | -181.62% | - |
| FCF per Share | 0.89 | 0.55 | 0.42 | -0.04 | -0.79 | -0.07 | 0.08 |
| FCF Conversion (FCF/Net Income) | 1.24x | -8.79x | -1.29x | 0.06x | 0.60x | 0.09x | 1.67x |
| Interest Paid | 0 | 3.14M | 178K | 0 | 52K | 320K | 651K |
| Taxes Paid | 1K | 2.72M | 0 | 520K | 3.29M | 0 | 0 |
Quick answers to the most common questions about buying MNTN stock.
MNTN, Inc Class A (MNTN) generated $56.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
MNTN, Inc Class A (MNTN) generated $44.0M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
MNTN, Inc Class A (MNTN) spent $12.5M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, MNTN, Inc Class A (MNTN) spent $10.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Persistent negative net margins
Metrics are mathematically derived from official filings.
Cash Conversion Volatility Masks Earnings Quality
MNTN's operating cash flow exceeded net income in most quarters, with OCF/NI reaching 4.01x in 2026Q2, but swung to -6.71x in 2024Q4, indicating earnings quality is heavily influenced by working capital timing.
The wide swings in OCF/NI, from -6.71x in 2024Q4 to 4.01x in 2026Q2, suggest that reported net income is not a reliable proxy for cash generation. In 2025Q2, a net loss of -$26.2M still produced $15.6M in operating cash flow, driven by $7.6M in SBC and $2.6M in working capital inflows. Conversely, 2026Q1's $8.8M net income yielded only $7.1M OCF, as working capital absorbed $9.6M. This pattern implies that accruals and working capital volatility, not core profitability, are driving the divergence, warranting close monitoring of cash conversion sustainability.
FCF Inflection Points to Scalability
Free cash flow turned positive in 2025Q3 and reached $30.4M in 2026Q2, a 36.8% FCF margin, up from -22.8% in 2024Q1, suggesting the business model is gaining operating leverage as growth normalizes.
The FCF trajectory shows a clear inflection: after negative FCF in 2024Q1 and 2025Q1, the company generated positive FCF in five of the last six quarters, with 2026Q2's $30.4M representing a 36.8% margin. This improvement is notable given that net income was only $6.7M in the same quarter, indicating that cash generation is outpacing accounting profitability. The deceleration in revenue growth to 21% YoY appears to be accompanied by improved cash conversion, suggesting that the company is transitioning from a growth-at-all-costs phase to a more disciplined capital allocation posture.
Capital Intensity Remains Modest
Capital expenditures averaged 4.4% of revenue over the past ten quarters, with 2026Q2 CapEx of $3.4M, indicating a software-centric model that requires minimal fixed asset investment to scale.
CapEx as a percentage of revenue has remained consistently low, ranging from 3.8% to 5.3%, which is typical for a software platform. The absolute CapEx of $3.4M in 2026Q2 is modest relative to the $82.5M revenue, suggesting that the company's growth is not capital-intensive. This low capital intensity supports the view that MNTN's cash flow generation is driven by working capital and operating efficiency rather than heavy asset investment, and it implies that free cash flow should scale with revenue if operating margins continue to improve.
Working Capital Swings Drive Cash Flow Volatility
Working capital changes swung from -$11.4M in 2025Q1 to +$11.7M in 2026Q2, with 2026Q2's positive contribution boosting OCF, indicating that cash flow is highly sensitive to timing of collections and payables.
The working capital line item has been the primary source of quarterly cash flow volatility, with swings exceeding $10M in magnitude. In 2026Q2, a positive $11.7M working capital change contributed significantly to the $26.9M OCF, while in 2025Q1, a -$11.4M change dragged OCF down to $2.0M. This pattern suggests that MNTN's cash conversion is heavily influenced by the timing of media payments and client collections, which may be a function of its net revenue recognition model. Investors should monitor whether these swings are seasonal or indicative of structural inefficiencies in the working capital cycle.
Capital Deployment Focused on Growth, Not Returns
MNTN has not paid dividends and only repurchased $333K in shares over the past ten quarters, while holding $210M in cash, indicating a strategy of reinvestment and potential M&A rather than shareholder returns.
The cash flow statement shows no dividend payments and negligible buybacks, with the only repurchases totaling $333K in 2024Q3 and Q4. This suggests that management is prioritizing growth investments and maintaining a large cash reserve of $210M, which could be earmarked for strategic acquisitions like the QuickFrame and Maximum Effort deals. The lack of shareholder returns, combined with negative net income, implies that the company is still in an investment phase, and investors should expect continued dilution or cash deployment into M&A rather than direct capital returns.
Cumulative Cash Generation Outpaces Net Income
Over the last ten quarters, cumulative operating cash flow of $133.3M exceeded cumulative net income of -$23.1M by $156.4M, indicating that accounting losses are not reflective of cash-generating ability.
The cumulative gap between operating cash flow and net income is substantial: OCF totaled $133.3M while net income was -$23.1M, a divergence of $156.4M. This gap is largely attributable to non-cash charges like SBC (averaging $7.8M per quarter) and favorable working capital movements. The data suggests that MNTN's underlying cash generation is stronger than its GAAP profitability implies, which may support a higher valuation if the company can convert this cash flow into sustainable earnings. However, the reliance on working capital timing and SBC adjustments warrants caution, as these are not permanent sources of cash.
What the Cash Flow Statement Obscures
Stock-based compensation averaged $7.8M per quarter, totaling $78M over ten quarters, yet it is excluded from operating cash flow, potentially overstating cash generation relative to shareholder dilution.
While SBC is a non-cash expense, it represents real dilution to existing shareholders. Over the past ten quarters, SBC totaled approximately $78M, which is substantial relative to the $133.3M cumulative operating cash flow. This suggests that a significant portion of reported cash flow is effectively funded by equity issuance rather than organic profitability. Additionally, the company's net revenue recognition model may obscure the true scale of media spend flowing through the platform, and the absence of acquisition-related cash flows in the provided data limits visibility into how the $210M cash balance is being deployed. Investors should adjust for these factors when assessing the sustainability of cash generation.